If you're using the estimated benefit from the annual statement you receive from the Social Security Administration, make sure you're looking at the benefit you would
receive at full retirement age (even if you plan to retire early).
Find the estimated amount of the retirement benefit your spouse would be eligible to
receive at full retirement age.
Depending on when you were born, you can get a monthly benefit check that's up to 132 % of the amount you would otherwise
receive at full retirement age.
On the other hand, if your husband delays receipt of benefits until age 70, he earns delayed retirement credits and he locks in a benefit that is 32 % higher than the amount
he receives at full retirement age (age 66) and 76 % higher than the benefit he would have received had he started taking benefits at age 62 (Source: Social Security Administration).
Not exact matches
A widow or widower is eligible to start
receiving reduced benefits on your record as early as
age 60 and
full benefits
at their
full retirement age.
You
receive 100 percent of your
retirement benefit if you claim
at full retirement age — 66 or 67 for most individuals, depending on when you were born.
Those with a
full retirement age of 66, for example, would
receive a 25 percent reduction in benefits if they start
receiving benefits
at age 62.
Likewise, if you start
receiving spousal benefits
at your
full retirement age, you will collect 50 percent (the maximum) of the monthly benefit your spouse will
receive if his or her benefits started
at full retirement age.
If you start
receiving benefits as a spouse
at your
full retirement age, you will get 50 percent of the monthly benefit your spouse would
receive if their benefits started
at full retirement age.
Can you afford to «retire early» and claim benefits
at age 62, should you wait until your
full retirement age, or can you wait until
age 70 in order to
receive the largest possible monthly benefit?
The loophole allowed some married individuals to start
receiving spousal benefits
at full retirement age, while letting their own
retirement benefit grow by delaying it.
If you start
receiving spouse's benefits
at age 62, your monthly benefit amount is reduced to about 32.5 percent of the amount your spouse would
receive if their benefits started
at full retirement age.
your
full retirement age, you will get 50 % of the monthly benefit your spouse would
receive if his or her benefits started
at full retirement age.
The survey of 903 adults
aged 50 or older, who are either already retired or plan to retire in the next ten years, revealed those who began
receiving Social Security income early report a lower average monthly payment ($ 1,190) than those who started
at their
full retirement age ($ 1,506) and those who delayed benefits until
age 70 ($ 1,924).
I plan on taking Social Security
at 66, because that will be
full retirement age for me, and my wife will
receive 50 % of my benefit when I claim it (the max she can get).
Full Retirement Age (FRA) is the age at which you are eligible to receive unreduced retirement benefi
Age (FRA) is the
age at which you are eligible to receive unreduced retirement benefi
age at which you are eligible to
receive unreduced
retirement benefits.
If you are not already
receiving benefits, be sure to contact us
at the beginning of the year you reach
full retirement age.
In many cases, a widow or widower can begin
receiving one benefit
at a reduced rate and then,
at full retirement age, switch to the other benefit
at an unreduced rate.
Say your
full retirement age is 66, and you'd
receive $ 1,000 from Social Security every month starting
at that
age.
The Social Security Administration says that if you delay
receiving your Social Security benefits until you hit 70, your monthly payment will be 32 percent higher than if you had retired
at full retirement age.
The
age at which you can
receive full retirement benefits is already scheduled to increase to 67 for anyone born in 1960 or after, and it's likely to go even higher.
If you
receive a spouse's benefit beginning
at age 62, your benefit is reduced to about 32.5 percent of the amount your spouse would
receive if he or she started getting benefits
at full retirement age.
If you start
receiving benefits
at your
full retirement age, your benefit is equal to half of your ex-spouse's
full retirement amount or disability benefit, according to the Social Security Administration.
How much you
receive each month, however, depends on when you elect to begin taking benefits and whether you've reached
full retirement age at that point.
Full retirement age is the age at which you become eligible to start receiving full retirement benef
Full retirement age is the
age at which you become eligible to start
receiving full retirement benef
full retirement benefits.
Most teachers earn the right to health benefits in
retirement, which can provide
full coverage from
retirement through Medicare
at age 65; they often
receive supplementary benefits thereafter.
Massachusetts public school teachers are eligible to
receive full retirement benefits from the Massachusetts Teachers»
Retirement System
at age 55 with
at least 10 years of teaching service, or
at any
age with a minimum of 20 years of teaching service.
In contrast, those who wait until
age 70 to enroll are rewarded with a 32 % increase in the total monthly payment they qualify for
at their
full retirement age.1, 2 Today, the average monthly social security check is $ 1,404.3 If an individual was eligible to
receive the average monthly payment amount
at their
full retirement age but they enrolled
at age 62, they would only
receive $ 1,053 per month.
My
Full Retirement Age (FRA) is 66 and if I elected to take a benefit at age 62 I would receive 25 % less than what I would have received if I waited until full retirement age; a significant decre
Full Retirement Age (FRA) is 66 and if I elected to take a benefit at age 62 I would receive 25 % less than what I would have received if I waited until full retirement age; a significant decrea
Age (FRA) is 66 and if I elected to take a benefit
at age 62 I would receive 25 % less than what I would have received if I waited until full retirement age; a significant decrea
age 62 I would
receive 25 % less than what I would have
received if I waited until
full retirement age; a significant decre
full retirement age; a significant decrea
age; a significant decrease.
Although you can qualify for
Retirement benefits
at age 62, many people wait until
full retirement age (65, 66 or 67 depending on birth year) to
receive their maximum monthly benefit.
Your
full retirement age is the
age at which the Social Security Administration (SSA) deems you eligible to
receive 100 % of your
retirement benefit.
Based on these estimates, your statement allows you to compare what you would
receive each month if you were to take benefits
at the earliest possible
age — currently 62 — as well as if you took them
at full retirement age, or delayed them until
age 70.
If your spouse already
receives benefits, ask them what their benefit would be if it started
at their
full (or normal)
retirement age.
What happens if you and your twin (who starts to
receive benefits
at full retirement age) live to the same
age as in the previous example?
If you hold out and take a semi-early
retirement at age 65, you'll
receive about 86 percent of your
full pension amount.
If you retire
at full retirement age, you can count on
receiving about 40 percent of your annual wage in benefits.
Under this strategy, you must be
at full retirement age and your spouse must be
receiving their benefit currently, or have filed - and suspended.
If you are not already
receiving benefits, be sure to contact us
at the beginning of the year you reach
full retirement age.
As a basic example, if you were born in 1943 or later and get $ 1,000 a month
at full retirement age, you would
receive only $ 750 per month by collecting
at age 62, or $ 1,320 per month if you wait until
age 70.
The practical impact of this formula is that a worker with lower wages might expect to
receive a social security benefit that replaces about 45 % of those wages on an inflation - adjusted basis, assuming the worker retires
at full retirement age.
at your
full retirement age or later, you will
receive a larger monthly benefit for a shorter period of time.
The
retirement benefit you'll
receive if you retire
at your
full retirement age is called your primary insurance amount (or PIA).
The loophole allowed some married individuals to start
receiving spousal benefits
at full retirement age, while letting their own
retirement benefit grow by delaying it.
If you start
receiving spouse's benefits
at age 62, your monthly benefit amount is reduced to about 32.5 percent of the amount your spouse would
receive if their benefits started
at full retirement age.
With each of these options, they have three choices: file early, file
at full retirement age or delay filing and
receive up to 132 % of
full retirement benefits.
Someone with a
full retirement age of 66 could earn four years of credits before claiming
at age 70, and would potentially
receive a benefit equivalent to 132 % of the
full benefit amount.
Similarly, if your
full retirement age is 67 and you'll be eligible for $ 1,000
at that point, you could
receive $ 700
at 62 or $ 1,240
at 70 — a difference of 77 %.
For instance, if your
full retirement age is 66,
at which point you would be eligible for $ 1,000 a month, you could
receive $ 750 if you claim
at 62 or $ 1,320 if you claim
at 70 — a difference of 76 %.
You can begin collecting Social Security benefits
at the
age of 62, but it will cost you more than 25 % of the benefit you would have
received by waiting until your
full retirement age of 66 or 67.
For instance, I'll
receive an estimated $ 1580 per month ($ 18,960 per year)
at full retirement age of 67.